Although lip balms are commercially available to soothe chapped lips, some of these compositions have a base which includes a combination of a wax and a mineral oil, or a combination of a wax and a petroleum jelly. The mineral oil or the petroleum jelly allows the lip balm to be transferred or applied to the lips, while the wax holds the composition on the lips, sealing the surface and allowing for the skin to build up its natural moisture level by minimizing moisture loss on the surface. However the correct ratios for the wax and petroleum jelly, or wax and mineral oil, are difficult or nearly impossible to obtain. The resulting product is either too stiff (due to the wax) or too greasy (due to the petroleum jelly or the mineral oil). Thus, there is a need for an improved lip balm composition.